Senior Workout Officer - Remote

Senior Workout Officer - Remote (United States of America)

It Starts Here:

Santander is a global leader and innovator in the financial services industry and is evolving from a high-impact brand into a technology-driven organization. Our people are at the heart of this journey and together, we are driving a customer‑centric transformation that values bold thinking, innovation, and the courage to challenge what’s possible. This is more than a strategic shift. It’s a chance for driven professionals to grow, learn, and make a real difference.

If you are interested in exploring the possibilities We Want to Talk to You!

We are seeking a highly experienced Commercial Real Estate Workout professional to manage and resolve a portfolio of distressed loans secured primarily by rent‑regulated multifamily properties in New York City
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This is a senior, high‑visibility role designed for someone who has deep expertise navigating complex CRE restructurings, NYC rent regulation dynamics, and judicial foreclosure processes. The ideal candidate has successfully worked through multifamily workout scenarios in the NYC market and understands the legal, financial, and regulatory nuances unique to this asset class.

If you thrive in complex credit situations, can negotiate sophisticated restructurings, and understand how to maximize recovery in regulated multifamily environments, this role is built for you.

• Manage a portfolio of mid- to high‑complexity distressed commercial real estate loans, focusing on rent‑regulated multifamily assets in NYC.
• Evaluate collateral performance, borrower financials, and guarantor support to identify risks and recommend appropriate workout strategies.
• Develop and execute resolution plans including loan modifications, forbearances, restructurings, the pursuit of various remedies.
• Monitor ongoing borrower compliance, property performance, and loan covenant adherence.

• Review, interpret, and negotiate commercial loan documents, including notes, mortgages, guarantees, intercreditor agreements, and forbearance or modification agreements.
• Partner with internal and external counsel to ensure documentation accuracy and adherence to internal credit and regulatory standards.
• Identify legal and structural issues that could impact collateral recovery or enforce ability.

• Conduct comprehensive underwriting of rent‑regulated multifamily properties, including evaluation of rent rolls, regulatory compliance, operating statements, capital needs, and market dynamics.
• Perform financial modeling, collateral valuations, and risk assessments to support loan resolution recommendations.
• Prepare and present detailed credit memoranda and action plans to management and credit committees.

• Lead negotiations with institutional borrowers, sponsors, investors, and legal representatives to achieve balanced, risk‑mitigated outcomes.
• Maintain initiative‑taking and professional communication with borrowers and internal stakeholders throughout the workout process.

• Oversee and manage judicial foreclosure processes, coordinating with counsel to ensure compliance with state laws and procedural requirements.
• Manage Real Estate Owned (REO) assets post‑foreclosure, including stabilization, valuation, and disposition.
• Collaborate with internal Real Estate and Asset Management teams to optimize recovery and minimize holding costs.

• Ensure all actions comply with internal policies, risk management frameworks, and regulatory requirements.
• Maintain thorough loan files, workout documentation, and regulatory reporting consistent with audit and examination standards.
• Demonstrate a strong understanding of credit policy and ensure all recommendations and actions are appropriately supported and documented.

• Credit & Risk Acumen
  – Evaluates credit scenarios with sound judgment and risk awareness.
• Regulatory…